senate Bill S4142

2019-2020 Legislative Session

Relates to allowing signatures secured through blockchain technology to be considered an electronic signature

download bill text pdf

Sponsored By

Archive: Last Bill Status - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (16)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 25, 2020 referred to governmental operations
delivered to assembly
passed senate
Feb 13, 2020 advanced to third reading
Feb 12, 2020 2nd report cal.
Feb 11, 2020 1st report cal.413
Jan 08, 2020 referred to internet and technology
returned to senate
died in assembly
Apr 09, 2019 referred to governmental operations
delivered to assembly
passed senate
Mar 14, 2019 advanced to third reading
Mar 13, 2019 2nd report cal.
Mar 12, 2019 1st report cal.278
Mar 01, 2019 referred to internet and technology

Votes

view votes

Feb 11, 2020 - Internet and Technology committee Vote

S4142
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Internet and Technology committee vote details

Internet and Technology Committee Vote: Feb 11, 2020

Mar 12, 2019 - Internet and Technology committee Vote

S4142
7
0
committee
7
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Internet and Technology committee vote details

Internet and Technology Committee Vote: Mar 12, 2019

Co-Sponsors

S4142 (ACTIVE) - Details

See Assembly Version of this Bill:
A1683
Law Section:
State Technology Law
Laws Affected:
Amd §302, add §310, St Tech L
Versions Introduced in Other Legislative Sessions:
2017-2018: S8858, A8780
2021-2022: S1801, A3760

S4142 (ACTIVE) - Summary

Relates to allowing signatures, records and contracts secured through blockchain technology to be considered in an electronic form and to be an electronic record and signature; allows smart contracts to exist in commerce.

S4142 (ACTIVE) - Sponsor Memo

S4142 (ACTIVE) - Bill Text download pdf


                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4142

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                              March 1, 2019
                               ___________

Introduced  by  Sen.  SAVINO -- read twice and ordered printed, and when
  printed to be committed to the Committee on Internet and Technology

AN ACT to amend the state technology  law,  in  relation  to  blockchain
  technology and smart contracts

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 302 of the  state  technology  law  is  amended  by
adding two new subdivisions 6 and 7 to read as follows:
  6.  "BLOCKCHAIN  TECHNOLOGY"  SHALL MEAN DISTRIBUTED LEDGER TECHNOLOGY
THAT USES A DISTRIBUTED, DECENTRALIZED, SHARED  AND  REPLICATED  LEDGER,
WHICH MAY BE PUBLIC OR PRIVATE, PERMISSIONED OR PERMISSIONLESS, OR DRIV-
EN BY TOKENIZED CRYPTO ECONOMICS OR TOKENLESS. THE DATA ON THE LEDGER IS
PROTECTED  WITH CRYPTOGRAPHY, IS IMMUTABLE AND AUDITABLE AND PROVIDES AN
UNCENSORED TRUTH.
  7. "SMART CONTRACT" SHALL MEAN AN EVENT-DRIVEN PROGRAM THAT RUNS ON  A
DISTRIBUTED,  DECENTRALIZED,  SHARED  AND REPLICATED LEDGER AND THAT CAN
TAKE CUSTODY OVER AND INSTRUCT TRANSFER OF ASSETS ON THAT LEDGER.
  § 2. The state technology law is amended by adding a new  section  310
to read as follows:
  §  310.  SIGNATURES  AND RECORDS SECURED THROUGH BLOCKCHAIN TECHNOLOGY
AND SMART CONTRACTS. 1. A SIGNATURE THAT IS SECURED  THROUGH  BLOCKCHAIN
TECHNOLOGY  IS CONSIDERED TO BE IN AN ELECTRONIC FORM AND TO BE AN ELEC-
TRONIC SIGNATURE.
  2. A RECORD OR CONTRACT THAT IS SECURED THROUGH BLOCKCHAIN  TECHNOLOGY
IS  CONSIDERED  TO  BE  IN  AN  ELECTRONIC  FORM AND TO BE AN ELECTRONIC
RECORD.
  3. SMART CONTRACTS MAY EXIST IN COMMERCE. A  CONTRACT  RELATING  TO  A
TRANSACTION  MAY  NOT BE DENIED LEGAL EFFECT, VALIDITY OR ENFORCEABILITY
SOLELY BECAUSE THAT CONTRACT CONTAINS A SMART CONTRACT TERM.
  4. NOTWITHSTANDING ANY OTHER LAW, RULE OR REGULATION TO THE  CONTRARY,
A  PERSON  THAT,  IN  OR  AFFECTING INTERSTATE OR FOREIGN COMMERCE, USES

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.

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